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A wallet linked to Ethereum founder Vitalik Buterin transferred 1,300 ETH valued at $3.17 million, adding fuel to market speculation about Ethereum's future trajectory. As ETH's price climbs nearly 6%, investors are buzzing about a possible rally toward $5,000.
Vitalik-Linked Wallet Moves $3.17 Million in ETH
A wallet associated with Vitalik Buterin has transferred 1,300 Ethereum, valued at $3.17 million, to an additional wallet. It is believed that another wallet linked to Buterin or one of his relatives or friends sent 700 ETH to the wallet initially. The possible motivation for the relocation has been speculated over since this information was revealed.
Notably, investors have taken notice of this trend, particularly because the price of ETH increased by almost 6% today, leading to speculation about its possible run to $5,000.
1,300 ETH Sent to Wallet Address '0x5567'
A wallet with the address "0xD04d" transferred 1,300 ETH to another wallet with the address "0x5567" today, according to Lookonchain, the top on-chain transaction tracking platform. The $3.17 million transfer via the wallet "0xD04d" is most likely linked to Vitalik Buterin, the founder of Ethereum, according to Lookonchain.
It is worth mentioning that the "0x5567" wallet has transferred 74.17 Ether, which is approximately $181,000, to the well-known cryptocurrency platform Paxos after receiving the payments.
Previous Transfer of 1,000 ETH Sparks Market Debate
It should be noted, nevertheless, that this is not an unprecedented flow of funds between these wallets. According to the data, the identical wallet (sender) transferred 1,000 ETH, which was worth $2.45 million at the time, to the identical wallet "0x5567" around 348 days ago.
The $1,000 has been sent to the Bitstamp exchange by the wallet. Importantly, according to Coingape, these recurring transfer patterns have sparked market debates on the possible cause and effect.
Additionally, according to Lookonchain, the sender has a history of receiving 70,000 Ether from a wallet that is likely associated with the Ethereum founder or someone close to him. Notably, following the latest transactions, the enormous sum of around $171.5 million adds fuel to the fire of conjecture.
ETH Price Rises 5.6% Amid Market Rally
Even though there was a recent transfer involving Vitalik Buterin's wallet, the price of ETH was still 5.6% higher at $2,431, and the trading volume was 49% higher at $21.91 million. The cryptocurrency's Futures Open Interest has surged 9% to $11.5 billion, and it has recently reached a 24-hour high of $2,452.57.
It is worth mentioning that the price spike in cryptocurrency is part of a larger market comeback today. As the broader financial market has rallied, it appears that market sentiment has been buoyed by the recent US Fed rate drop of 50 bps points.
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